Huttons’ comments on the tender results for Plantation Close EC

12 September 2023

The Plantation Close EC site saw active participation from 9 developers. The high number of bidders may be a move to enter a market that is more stable and well-supported despite the narrower margins.

The top bid of $703 psf ppr speaks of the confidence the successful developer has in the EC market and Tengah.

The recent 2 EC launches have sold very well. Copen Grand in Tengah was fully sold within one month of its launch while Tenet sold 93% after the balloting for second-timers. ECs offer an attractive alternative and with the recent increase in ABSD for a second property purchase, ECs are likely to see more interest as they are given upfront remission.

The Plantation Close site is less than a 5 min walk to the future Tengah Park MRT station on the Jurong Region Line and will bring residents to the second CBD at Jurong East in less than 10 mins. EC sites within proximity to MRT stations are rare and tend to do well. The popular Princess Elizabeth Primary School is within 1km of the site.